If you are considering a UDI you may want to do a bit of research about the future prospects for special assessments due to supposed shortfall in funds needed for maintenance. I saw this in a post over on the yahoo Bluegreen group.
With the possible purchase of Bluegreen by DRI I wonder if new restrictions will be coming that could adversely affect the UDIs and Bluegreen points owners. I would consider a wait and see attitude.
I just saw this string today as we just got back from a timeshare vacation a couple of days ago at the Heidel House Resort at Green Lake, Wi.
Most everything being disscussed by the Bluegreen Yahoo group is speculation at this point. The financing to secure the buy to my knowlegde has not been secured so at this point it is not a done deal.
Tom, your view IMHO is a prudent one to take and good advice but seeing I am not very prudent or bright I just bought our 12th UDI that has 12,000 BG Points attached to it even after hearing about the DRI offer .
In regard to rentals, some of the old Sunterra owners who control a lot of weeks and who now belong to the DRI Club do a lot of rentals and I have not heard of any restrictions on owners renting out thier weeks.
I know that our UDI maintenance fees went up about 6% from the year before. I was unaware that the deeded UDI's had a special acessment. I think the points owners who own stand alone BG points had some big increases.
But I am unaware that the BG points attached to the UDI's we own had a special accessment. I could have missed it bu if there was a $100 special accessment per ownership I think I would have noticed a $1,100. special accessment. But again with all of the many various ownerships we have I could have missed it.
I know that the UDI Cottages (RCI resort 1115)and the UDI Timbers (RCI resort 3662) have seperate HOA's as in the past I have attended those two seperate meetings.
In regard to what Rapmarks said about rentals in the post before my post, I do not doubt that is what they said in 87 or 88 if that is what she remembers being said is true.
But just a few years ago a person checking into CMV had to be 21 and recently the person only has to be 18 at CMV. I wonder if some owner started a lawsuit to get that age limited changed.
Maybe the same thing happened on rentals? I do not know the answer.
The same thing about smoking no longer being allowed in the units as before.
When I bought my first Cottage UDI a bit over 8 (or 9) years ago I had received copy of the Cottages Handbook Rules and I do not remember any mention of rentals. I think I would have noticed if their was some memtion, but I would not bet my life on it.
If they were to try and stop rentals here are just few things to consider.
RCI rents out CMV weeks, so IMHO they could not forbid the DEEDED owners from renting out those weeks but allow RCI to do so. Does II rent out CMV weeks?
If renting out of weeks is not allowed wouldn't the exchange of weeks through any exchange company be a sort of rental to obtain something of value?
Thridly,places like Redweek do not prevent the rental of the weeks that have been exchanged for so how can they contraol that?
Theo, thanks for the complicment but I certainly am no expert but Boca knows how to and more importantly takes the time to read the cono convenents documents, etc. In fact I have learned from him and Bill B., Tom 52 and Rapmarks who have alll posted on this string.
I had a copy of the Cottage documents but I do not know were it is.
In regards to the $400,000 I find that interesting seeing we are paying into a reserve fund.
That $400,000 divided by about 80 units equals about $5,000. per unit divided by 50 weeks equals $100 per week of useage. So that $400,000 is not that big of a scary number after you break it down.
I also wonder about the UDI's that were converted to BG Points. Are those maintence fees being prorated and paid to CMV for the use of any Cottage and Oak Timbers units by the BG Points owners?
Supposely there is a seperate inventory of deeded and BG Points inventory.
But if any one wants to dump a UDI Cottage or UDI Timbers that has 9,000 or more BG Points attached to it I might buy it to have 60,000 or more BG Points.
Bruce
